Great Elm Capital Corp. (GECC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-455.1%

-$17.75

vs $5.00 price

Levered DCF

-$16.98

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.47

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.74×	30.53×	3.2×	-3.33×	-7.33×	-1.5×	-10.56×	-9.29×
P/B	0.77×	0.79×	0.82×	0.61×	1.01×	0.6×	0.92×	0.76×
P/S	1.96×	4.63×	1.93×	-0.51×	4.82×	2.09×	2.95×	3.01×
EV / EBITDA	-27.39×	59.01×	8.69×	-13.12×	-20.26×	-3.47×	-25.83×	-17.29×
Gross margin	76.4%	42.8%	75.9%	14.5%	102.7%	-121.0%	-14.6%	-17.3%
Operating margin	-28.8%	15.2%	60.4%	15.3%	-65.8%	-139.6%	-27.9%	-32.4%
Net margin	-71.5%	15.2%	60.4%	15.3%	-65.8%	-139.6%	-27.9%	-32.4%
Current ratio	0.05×	0.76×	1.2×	0.13×	0.07×	0.72×	0.1×	1.1×
Debt / equity	1.68×	1.39×	1.42×	1.81×	1.9×	1.45×	1.38×	0.69×
Interest coverage	-0.7×	0.24×	2.5×	-1.66×	-1.15×	-4.01×	-1.11×	-1.77×
Dividend yield	22.1%	13.9%	13.1%	25.1%	13.2%	10.4%	16.0%	15.2%
Payout ratio	-60.5%	424.3%	42.0%	-83.6%	-96.7%	-15.6%	-169.4%	-141.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-28.1%	2.6%	25.7%	-18.4%	-13.8%	-40.1%	-8.7%	-8.2%
Return on invested capital	-4.2%	1.1%	10.3%	-6.5%	-4.6%	-15.5%	-3.5%	-3.3%
Return on assets	-9.3%	1.0%	10.3%	-5.0%	-2.4%	-11.3%	-2.6%	-3.2%
Free cash flow yield	-3.2%	-76.4%	19.0%	-80.6%	-77.7%	57.2%	-30.7%	-36.4%
Earnings yield	-36.5%	3.3%	31.3%	-30.1%	-13.6%	-66.7%	-9.5%	-10.8%
Enterprise value	$274.6M	$297.9M	$220.2M	$204.4M	$208.1M	$111M	$194.9M	$155.7M
Net debt / EBITDA	-18.7×	37.58×	5.5×	-9.79×	-12.93×	-1.97×	-15.27×	-8.01×
Cash conversion cycle (days)	-1,174	-185	-114	-2,745	179,606	-3,507	-3,943	-26,038